Service Robotics Market Size By Type, Application, Key Players, Geographic Scope and Forecast 2030 | (CAGR) of 24.9%

The service robotics market is anticipated to grow at an exponential compound annual growth rate (CAGR) of 24.9% during the forecast period from 2021-2030. The global service robotics market is forecast to reach a valuation of US$ 240 billion by 2030.

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Service robots are operated in semi or fully automatic tasks to perform useful tasks, such as helping humans in threatening and tedious jobs. This robotics reduces the possibility of accidents and enhances efficiency.

COVID-19 Impact Analysis

The COVID-19 pandemic had rapidly increased the adoption of service robotics to limit the spread of the virus. The applications o service robotics made them convenient for various activities, such as disinfecting and delivering food & medications. Since they enable a contact-free environment, the adoption of service robotics increased. Apart from that, service robotics were employed in the healthcare sector to help the staff. Chinese hospitals registered the purchase of more than 2000 disinfection UVD robotics to spread the appropriate amount of UV-C light to destroy coronavirus.

Factors Influencing

Technological advancements and growing innovation would fuel the growth of the global service robotics market. SoftBank Robotics Group partnered with Bear Robotics, a robotics, and artificial intelligence company to introduce an efficient robot for the food and healthcare industry. The robot was named SERVI.
The growing trend of robotics surgeries would propel the market growth in the coming years. Apart from that, increasing geriatric population would create notable opportunities for the market players in the coming years in the healthcare sector.
The integration of artificial intelligence (AI) and increasing demand for automation would create fruitful opportunities for the market players.
The market for service robotics is forecast to gain traction, owing to its beneficial application in regular work. This robotics perform tasks with more efficiency, leaving no possibility for human errors. As a result, it would propel market growth.
The high capital investment associated with the accessories, procurement, and programming activities may slow down the market growth in the coming years.

Geographic Analysis

North America holds dominance in the global service robotics market. It is due to the increasing applications of service robotics in the defense sector.

Apart from that, growing industrialization and the employments of robotics for automation may generate favorable opportunities for the market players. The increasing production of service robotics because of the presence of some prominent players may become another factor for the growth of the North American service robotics market.

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The Asia Pacific region is forecast to witness notable growth, owing to the thriving automotive industry, establishment of manufacturing and production.

Competitors in the Market

IRobot Corporation
Honda Motor Company Ltd.
Intuitive Surgical, Inc.
GeckoSystems Intl. Corp.
Daifuku Co. Ltd.
SZ DJI Technology Co. Ltd.
Neato Robotics
YUZIN ROBOT Co. Ltd.
Samsung Electronics Co. Ltd.
LG Electronics Inc.
Other prominent players

Market Segmentation

Service Robotics Market, by Component:

Hardware
Airframe
Sensors
Cameras
Actuators
Power Supply
Control Systems
Navigation Systems
Propulsion Systems
Others
Software

Service Robotics Market, by Environment:

Aerial
Ground
Marine

Service Robotics Market, by Type:

Professional
Personal and Domestic

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Service Robotics Market, by Application

Domestic
Medical
Field
Defense, Rescue, and Security
Entertainment, Education, and Personal
Public Relation
Inspection and Maintenance
Logistics
Construction and Demolition
Marine
Research and Space Exploration

Service Robotics Market, by Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

What is the goal of the report?

-The market report presents the estimated size of the ICT market at the end of the forecast -period.

-The report also examines historical and current market sizes.

-During the forecast period, the report analyzes the growth rate, market size, and market valuation.

-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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This release was published on openPR.